UK real estate group M Core reportedly ponders buying EUR 100 mln retail assets in Romania

Real estate group M Core, controlled by the British real estate tycoon Caspar MacDonald-Hall, is reportedly in an advanced stage of analysis to acquire two shopping malls in northeastern Romania (Suceava and Focasni) and a package of retail parks in the country, forming a portfolio valued at around EUR 100 million in total, according to sources close to the negotiations consulted by Profit.ro.

The Shopping City Suceava mall is owned by the British Argo Real Estate Opportunities Fund (AREOF). It was inaugurated in April 2008 and has a leasable area of ​​over 46,000 square metres, hosting over 90 stores and a Carrefour hypermarket.

Focsani Mall is owned by the Belgian bank KBC Bank, which took over the insolvent mall in 2016 against its claims. Meanwhile, the shopping centre emerged from insolvency.

Developed by BelRom and opened under the name Promenada in September 2008, Focsani Mall has a leasable area of ​​about 45,000 square metres and almost 70 stores and a Carrefour hypermarket.

In addition to the two malls, M Core is also discussing with another owner the purchase of several other smaller retail parks in the country.

The British group already entered the Romanian market at the end of last year when it paid EUR 219 million to Belgian investor Mitiska REIM for 25 retail parks with a combined surface of 132,000 square metres. Following the acquisition, M Core became one of the largest players in the Romanian retail market.

(Photo source: Eugene Suslo/Dreamstime.com)